Kerry Katona Bankrupt (Again): Star Dropped By Payday Loan Lender Cash Lady

BANKRUPT (AGAIN)
|

Kerry Katona has been dropped as the face of payday loan company Cash Lady after filing for bankruptcy for the second time.

The Insolvency Service confirmed the Atomic Kitten star had declared herself bankrupt in a petition filed at Wigan County Court yesterday.

Open Image Modal

Kerry Katona

Bosses at Cash Lady said it was 'with sadness' that they were dropping Kerry from their ads because of her 'current financial situation'.

She was at the centre of controversy when she was chosen to front the Cash Lady TV advertising campaign where she referred to her own financial troubles.

In the ads, the mum-of-four said: “We've all had money troubles at some point, I know I have. You could see your bank and fill in loads of forms, but is there an easier way to get a loan... So if you need extra cash go to www.cashlady.co.uk. Fast cash for fast lives.”

The ads were later banned by the advertising regulator but she continued to be the face of the company, starring in a new version of the ads - until yesterday.

Open Image Modal

Kerry in the Cash Lady ads

A spokesman from Cash Lady's parent company PDB UK, told This is Money: “We were sorry to hear about Kerry’s current financial situation.

"Clearly, as a business, we are committed to responsible lending, so it is with sadness that we will not be able to continue using Kerry as the face of Cash Lady.

“We enjoyed working with Kerry a lot, and we wish her all the best in her future endeavours.”

Open Image Modal

Kerry reunited with her Atomic Kitten bandmates earlier this year

Earlier this year Kerry blogged exclusively for The Huffington Post on why she decided to become the face of Cash Lady and admitted she'd made some 'terrible' mistakes with money.

"I think a lot to do with all this kerfuffle is that controversy seems to follow me around wherever I go," she said. "And I'm sure the irony of me giving out financial advice isn't lost on anyone who knows even a little bit about me and my life.

"I was made bankrupt, had my house repossessed and made some terrible decisions with money.

"But I can hold my head up high, I'm paying off my debts and the one thing I know now more than anything is how to make ends meet for me and my family.

"And every now and again for people like me when emergencies come up that might mean getting a short-term payday loan."

Bankrupt stars
Kerry Katona(01 of11)
Open Image Modal
Despite her fortune for her Atomic Kitten days and various relaity TV appearances, Kerry was officially made broke in 2008 when she failed to cough up the final £82,000 of a £417,000 tax bill. A turn as a housemate on 'Celebrity Big Brother' helped her to finally pay off her debts. (credit:Getty Images)
Shane Filan(02 of11)
Open Image Modal
The Westlife star and property investor was made bankrupt in June 2012 when the housing market crashed, and left him owing more than €5.5m (£4.45m) to Ulster Bank and Bank of Ireland. (credit:Getty Images)
Martine McCutcheon(03 of11)
Open Image Modal
Martine filed for bankruptcy in in 2013, when she amassed debts of £187,000. (credit:Getty Images)
Stephen Baldwin(04 of11)
Open Image Modal
When Stephen defaulted on a mortgage payment in 2009, he filed for bankcruptcy claiming he was $2.3m in debt. (credit:Getty Images)
Joe Swash(05 of11)
Open Image Modal
The former 'EastEnders' star was made bankrupt by London's High Court in 2009 after he failed to pay a £20,000 tax bill. (credit:Getty Images)
Peter Stringfellow(06 of11)
Open Image Modal
Peter lost a reported $20m in 1992 after a failed attempt to crack America. (credit:Getty Images)
Christopher Biggins(07 of11)
Open Image Modal
Biggins reckons that going into voluntary bankruptcy 15 years ago was the 'best thing that ever happened' to him. The star was forced into it after work offers slowed down. (credit:Getty Images)
Mike Tyson(08 of11)
Open Image Modal
The boxer owed both the US and British governments $17m in taxes, $750,000 to law firms and $300,000 to limo services and became bankrupt in 2004. (credit:Getty Images)
Donald Trump(09 of11)
Open Image Modal
He may be a multi-billionaire, but Donald Trump has filed for corporate bankruptcy four times! However, he has never filed for personal bankruptcy. (credit:Getty Images)
Neil Morrissey (10 of11)
Open Image Modal
Neil entered into an individual voluntary arrangement (IVA) after a property scheme in which he invested collapsed, leaving him millions of pounds in debt. (credit:Getty Images)
MC Hammer(11 of11)
Open Image Modal
One hit wonder MC Hammer's living beyond his means meant he was $13m in debt and filed for bankruptcy in 1996. (credit:Getty Images)